Professional Indemnity Insurance: Mandatory for Practicing Professionals

                                                                                         

If you are involved in the business of selling knowledge or skills; or you offer your expert opinion then you must have Professional Indemnity Insurance. This insurance policy covers all your financial liabilities against compensation sought by a client in case you have committed an error or a mistake or have been negligent. Indemnity insurance also covers your legal costs.

The purpose of the insurance is to protect a business from any kind of financial damage and hence it plays a major role in protecting the reputation-damaging claims by dissatisfied clients. This is due to the fact that the litigation transparency has been increased in today’s world and clients are treated as true kings. Even, a well-established company may get involved in dispute with a client over a mistake.

Following enlisted areas where mistakes may happen in the normal course of the business operations are discussed below:

Negligence:
It represents the breach of the contract or duty of care

Intellectual Property:
It refers to unknowingly infringing on the copyrights of others’, trademarks, broadcasting rights, any act of passing off

Loss of Data/Documents:
It means loss of data or document belonging to the client.

Dishonesty:
It means liabilities caused from the theft of the clients’ money

PI Insurance for Every Professional
In today’s litigious world, the instrument of professional indemnity insurance is indispensable for every practicing professional. Interestingly, country such as the UK does not allow professionals to practice without having a good quality insurance policy.

Indemnity insurance cover a professional’s public liability to offer him a complete peace of mind knowing you are covered for all possible claims.

Internet is the Best Source
There are many sources to get the best quality insurance policy for catering needs & requirements. However, internet serves you to the fullest. Internet features you websites that can provide you numerous PI insurance options to choose from.

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For further information on Professional Indemnity Insurance please contact Coulson Pritchard Associates directly on 01480 470220 or visit at www.coulsonpritchard.com

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